Bithumb’s Ex-CEO Faces New Charges Over Crypto Listings

Prosecutors have introduced new internal documents from Bithumb in their ongoing case against Lee Sang-joon, the exchange's former CEO.

The documents, dated May 10, 2021, were submitted to a South Korean court as part of charges related to cryptocurrency listings on Bithumb.

The evidence points to possible involvement by Lee, former Bithumb Korea CEO Heo Baek-young, and a former committee chairman in decisions surrounding the listings of Dogecoin (DOGE) and Klaytn (KLAY). While the identity of the document’s author remains undisclosed, Heo speculated that it might have been written by the committee’s previous chairman.

Lee has denied these allegations, asserting that he did not have the authority to influence listing decisions. However, the newly presented documents challenge his defense, suggesting his potential involvement in the process.

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The inquiry into Lee started in March 2023, focusing on bribery accusations tied to token listings at Bithumb. Lee was indicted without detention in September 2023. Earlier in the year, he was acquitted by the Seoul High Court of defrauding Kim Byung-gun out of 110 billion Won ($82 million) during acquisition talks. This followed another acquittal related to charges of soliciting an advance fee for a failed BXA token listing.

Alexander Stefanov